Bitcoin has fluctuated since the ETF was launched, while Ethereum has surged 13% this week.
The historic and widely anticipated approval of a spot Bitcoin exchange-traded fund (ETF) this week nearly overshadowed the rest of the cryptocurrency solar system and generated numerous media headlines.
All the theories and analysis about what the approval of the value of a major cryptocurrency means has finally been tested. High or low? Isn’t it already priced? Will Bitcoin enter the next phase of its evolution, or will we just ignore it? After all, spot Bitcoin ETFs are not entirely new outside of the United States.
The answer so far to the question of whether it is bullish or bearish is both. When the ETF was approved, the price of Bitcoin was flirting with $49,000. However, a day later it fell to US$42,000 and remained at this level for a long time.
Bitcoin, which currently trades around $42,800, has depreciated 3.2% over the past seven days. Over the past month, BTC has been completely stable. But hodlers are still delighted to see Bitcoin up more than 120% since this time last year.
Ethereum (ETH), the world’s second-largest cryptocurrency, has seen more green candles compared to BTC as expectations rise that an ETF for the asset will soon be approved in the US. Ethereum hit an 18-month high of nearly $2,700 on Friday.
ETH is trading at US$2,534 this Sunday (14), up 13% throughout the week. The one-year rate of return is approximately 80%. The Ethereum scaling network also had a strong week, with Arbitrum (ARB) up 22% and Optimism (OP) up 16%.
Elsewhere in the top five, Binance Coin (BNB) is down nearly 2% this week, while Solana is up 2%. Other cryptocurrencies gaining attention include Tezos (XTZ) and STX (STX), both of which recorded double-digit gains last week.
Interestingly, Ethereum Name Service and its token ENS, which is at the bottom of the list of top 100 cryptocurrencies by market capitalization, had its best week yet, up nearly 95% over the past seven days.
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